September 2016 Newsletter

September 2016 Newsletter

­­­­­A Breakdown of Single Family Home Sales in Northern Beaufort County.

When breaking down an analysis of the Single Family Home market in all of Northern Beaufort County and using only a $50,000 separation between each price bracket, we may be getting a little bit into the weeds, But as we can see looking at the numbers below, there can very stark difference when moving up or down only $50,000. The significant decrease in the number of sales in the up to $100,000 (-20%) market and the $150,000 to $200,000 (-5%) is worthy of note in that this could be the result of either a decrease in the inventory of homes available in those price ranges or the result of a steady price increase in single family homes we have seen over the last two years or so. On the other hand there was substantial growth in sales in the $200-$250K range.

Comparison of Home Sales by Price Range

(July 2014 to July 2015 compared to July 2015 to July2016)

Price Range

(thousands)

Number sold

July 14 – July 15

Number sold

July 15 – July 16

Up to $100,000 100 80
$100 – $150 136 136
$150 – $200 224 213
$200 – $250 203 254
$250 – $300 124 129
$300 – $350 65 81
$350 – $400 55 65
$400 – $450 29 34
$450 – $500 19 35
$500 – $550 22 18
$550 – $600 14 24
$600 – $700 22 20
$700 – $750 7 5
$750 – $800 4 8
$800 – $850 2 5
$850 – $900 4 3
$900 – $950 3 0
$950 – $1mill 4 5
$1mill and up 10 8
Total 1046 1092

Even going up the price spectrum, sales are strong, with a +25% increase in the $300 – $350,000 market and a 18% increase in the $350,000 – $400,000 range. I will point out that in this exercise we are looking at ALL of Northern Beaufort County, including the barrier islands, as opposed to the five main areas we normally review.

Looking at all of Northern Beaufort County, the very high end listings are still slow to sell. One theory I have on the more expensive properties, is that folks with the where-with-all to purchase million dollar plus houses, may prefer a new rather than an older home which may need updating or remodeling.  In talking to agents, who deal with new homes in upper end developments, this trend does seem to be born out. There are exceptions of course. Beaufort’s historic district and waterfront property are usually on the list of potential higher end home buyers.

With an overall increase, in northern Beaufort County, of single home sales close to 4.4% the real estate market continues its steady and I would say sustainable upward trend. As can be seen by the above chart there is a wide variance in the number of potential buyers in each of the various price ranges which points out once again the need for a professional realtor to assist the individual home seller in today’s market.

By Everett Ballenger, Owner/B.I.C Ballenger Realty. Former President Beaufort County of Realtors.